Stock Market Shoots To Record Highs, But Won’t Help The Vast Majority Of Americans

The Dow Jones hit unprecedented heights Monday, crossing 16,000 points for the first time. The S&P 500 index is also on track to see its best year since 2003 and surpassed $16 trillion in market value for the first time after a steady six-week rise in nearly every stock. While this year’s robust market growth is great news for Wall Street, the average worker is seeing little benefit.

But Congressional hijinks over the budget have strained this illusion; sequestration cuts hit consumer spending and GDP growth hard this year, and House Republicans’ continued brinkmanship after the government shutdown has spurred widespread uncertainty among consumers and Wall Street investors alike. Just a few hours after hitting Monday’s record highs, the market wavered upon the release of a National Association of Home Builders/Wells Fargo Housing Market Index finding that home builder confidence flatlined this month, as prospective home buyers are “holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road,” according to NAHB Chairman Rick Judson.